Economists use their in-depth understanding of market
trends and are able to use their theoretical knowledge to make informed
predictions, forecasts and give advice.

Essential Skills

Highly Numerate

Understanding of economic theory

Excellent communication skills

Economists use a broad range of economic theories and practices to make informed and considered
forecasts about the certain economic futures, as well as issue advice surrounding these decisions.
Economists have developed a complex comprehension of economic concepts and can be found working for
a range of employers, including the public sector, management consultancies, banking firms or
large organisations.

Related Employers

Another area of concern for Economists is researching around areas of concern for their employer.
This can involve Economists working to research an industry or country for economic suitability and
then using a range of statistical analysis tools and processes the data and extract some advice
and/or forecast.

For a role this entrenched in theory and knowledge, it is highly advisable that graduates have
already studied an economics related degree or something relating to accountancy. The role has
high demands on a graduate's numerical capabilities, as well as their analytical skills. Graduates
in this role will also have to deal with writing detailed, complex and often lengthy studies
and reports, so excellent communications skills are also a massive bonus.

Economist Salaries

The average starting salary for a graduate Economist is £23,835. This is a great salary for graduates
to start their careers on. What should be acknowledged is that because of the importance of some of the
work undertaken by Economists, graduates can expect to command very high salaries as they climb up the
career ladder.

Related Descriptions

The Daily Duties of an Economist

Economics is such a large field and with such, graduates starting out as Economists may end up doing
some of the leg work, rather than the important analytical work. This is typical of many fields where
the prestige and importance of the work undertaken is so high. It does mean, however, that graduates
are expected to be versatile in their approach and take to a range of different tasks.

Here are just a few of the tasks that graduates can expect to do as an Economist:

Advice - With all their knowledge and understanding of data, trends, forecasts, predictions
and much more besides, Economists are looked upon to be the unbiased voice of reason for companies
and governments. They are looked upon to provide clear advice on, from their opinion, would be the
best policy of action. An Economist's advice can be critical to decisions made in governments and
companies, so it is no surprise the effort that goes into preparing advice by Economists.

Monitoring Trends - Economists, while having a complex understanding of what has gone on in
the past, are also able understand what might happen in the future. One of the key reliable sources
for this is current trends in the markets. Economists must have their fingers to the pulse as far
as these are concerned to help them keep their forecasts relevant.

Research - For much of their work, Economists are huddled over data analysing and picking apart
the narrative from what the data is telling them and what their past experience might suggest.
Graduate Economists must be able to understand a broad range of data, a skill usually picked up at
university, and apply it to useful aims, whether it be a report or directive advice.

Writing Reports and Delivering Presentations - Because of the broad range of understanding
of data and how they impart this knowledge on everyone else, graduate Economists must be able to
clearly explain this to a broad range of people. Sometimes this can involve lengthy reports, attempting
to explain difficult concepts to those without the level of understanding or other challenges that
might be posed, Economists must be able use their excellent command of English to explain their
findings.

Careers as Economists might seem like a dull option, but for those with the intelligence
and the understanding this can be a truly inspiring career, allowing graduates to be involved
in really important policy decisions ad be able to make a valued contribution. However, graduates
considering this as a career, may struggle to break into a position without a relevant
background in the field.

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